Despite SEBI's moves on participatory notes, the Sensex continues to soar and the impact of the sub-prime crisis is still not visible "" even globally, though US growth is forecast to slow to 1.9% in 2008 as the housing crisis impacts consumption the GDP growth rate was 3.9% in the latest quarter. The IMF has lowered its India forecast just marginally but some like Citigroup are still sticking to 9.3% for the year. Expectation surveys show mixed results with Ficci reporting a fall in confidence and the RBI a slight increase. While most expected a status quo monetary policy, Fed cuts forced the RBI to hike CRR to take care of the expected increase in flows. How the rupee moves will be critical to export growth and, given its importance in industrial growth, the impact on GDP will also be high. Revised IIP could hike growth somewhat. CLICK HERE FOR TABLES & CHARTS
